90 Day Grace Period for Mortgage Payments

The State of Michigan has partnered with more than 200 of  Michigan’s financial institutions to ensure that no one experiencing financial hardship due to COVID-19 will lose their home during the COVID-19 crisis. This partnership is designed to encourage uniformity in available options for consumers in need of assistance, regardless of financial institution.

Under the MiMortgage Relief Partnership, participating financial institutions have agreed they will continue to work with their affected residential mortgage loan borrowers by “providing affected borrowers with a 90-day grace period for all mortgage payments.”  

When borrowers reach an agreement with their financial institutions, those institutions will also waive or refund mortgage-related late fees for at least 90 days.  Financial institutions will also agree not to report adverse credit scoring information for affected borrowers who reach an agreement with their financial institutions.

Some of the local financial institutions participating include Advia Credit Union, Eastern Michigan Bank, Lake Stone Bank & Trust and Genysis Credit Union. Borrowers are urged to call their Bank or Credit Union for more information.

Reporting for WGRT – Marty Doorn